Bloomberg News

Latvia Refines Laws on Money Laundering, Watchdog Says

November 23, 2012

(Corrects headline to show Moneyval isn’t a body of the European Union.)

Latvia has improved legal mechanisms to combat money laundering, helping clinch convictions for violating the controls, a European watchdog said.

The Baltic country brought its laws on money laundering in line with international standards and adopted better regulations for asset recovery, particularly by subjecting indirect proceeds from the crime to confiscation, Moneyval, the Council of Europe’s monitoring body for money laundering and terrorism financing, said in an e-mailed report today.

Still, Latvia needs better rules on freezing terrorist assets under the United Nations Security Council resolutions, according to the report. The watchdog also advised the nation to simplify procedures for reporting transactions suspected of involvement in financing terrorist groups.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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